Bloomberg Intelligence is firmly bullish on gold, with its latest price outlook calling for the yellow metal to revisit its all-time record price levels very soon. The October forecast expects that the stock market will have a rocky ride into the final quarter of the year, with a risk-on sentiment at play.
Bloomberg’s Mike McGlone, the senior commodity strategist, said gold remains incredibly strong, explaining “It’s only been about a year since gold’s last peak, and we believe it should be a relatively short matter of time to revisit. Gold has outperformed most major commodities in the past 20 years. Gold, like Treasury prices, has an enduring bull market in its favour, and a correction within that trend improves its relative value. Risks tilt toward a continuation of September’s stock-market volatility, which should favour gold in 4Q.”